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The rupee bounced back from a one-month low to post its first gain in the New Year, rising 10 paise to close at 62.16 against the dollar after the RBI was said to have sold the US currency.
Rupee down 13 paise to 66.72 against dollar
The demand for the US currency from importers outweighed capital inflows and firm local equities.
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Fag-end dollar selling by exporters helped the rupee to recover lost ground and settle at the day's high of 60.77, a gain of 11 paise. The rupee earlier touched an intra-day low of 61.21 on July 8.
After another day of volatile trade, the rupee today appreciated by seven paise to close at a new one-month high of 59.04 against the dollar as the RBI's liquidity-tightening measures continued to lend support.
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Snapping a two-day fall, the rupee opened strong at 59.49 a dollar from the previous close of 59.76 at the Interbank Foreign Exchange Market and then touched a low of 59.59.
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A weak rupee makes imports costlier, including oil and other commodities.
Forex dealers said besides dollar's gains against other currencies, fresh demand for the American unit from importers and a weak opening in the domestic equity market put pressure on the rupee.
The domestic unit moved in a range of 64.14 and 63.99.
Rupee is under pressure against the dollar say currency watchers.
In forward market, premium for dollar continued to fall due to persistent receivings from exporters.
The rupee had jumped by 164 paise or 2.39 per cent in previous six trading days.
The Rupee is seen recovering from its all-time lows against the dollar.
Lacklustre domestic equities alongside ongoing FCNR redemptions added pressure on the local currency
Sharp fall in domestic stock market also affected the rupee sentiment.
Forex dealers said rebound in domestic stock markets also helped the rupee strengthen against the dollar.
The rupee has dropped by 60 paise or 0.89 per cent in the last three trading days.
On Friday, the rupee had gained 9 paise to close at a fresh one-week high of 67.08.
Persistent foreign capital inflows also boosted sentiment.
The domestic currency has dropped 40 paise or 0.60 per cent in two days
The domestic currency has dropped by 62 paise or 0.93 per cent in four trading days.
The rupee appreciated further on Thursday, adding 106 paise to 66.01 against the dollar, after steps taken by new Reserve Bank of India Governor Raghuram Rajan to attract US currency inflows boosted market sentiment.
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The newly-appointed Governor Raghuram Rajan said on Wednesday Reserve Bank of India will offer a window to banks to swap the fresh FCNR-B dollar funds, mobilised for a minimum tenor of three years and over, at a fixed rate of 3.5 per cent per annum. According to Bank of America Merrill Lynch, "the move should fetch $8-10 billion", adding that the move would help in shifting rupee risks away from NRIs at a time of extreme volatility.
In worldwide trade, the US dollar retreated from its recent multi-year highs to trade subdued against major rival currencies
The US dollar's weakness against some currencies overseas capped the losses.
Fresh foreign capital outflows also affected the rupee sentiment, a forex dealer said.
Banks and exporters preferred to reduce their dollar position in view of its weakness.
Finance Minister P Chidambaram on Monday said the currency will find its level as steps being taken by the government to contain fiscal and current account deficits will improve investor sentiments.
The depreciating rupee against dollar has a short-term benefit for the IT industry and the sector should not depend on currency management for profits, a top functionary of industry body Nasscom said.
The dollar strengthened against major world currencies.
The domestic currency has gained by four paise or 0.06 per cent in two days.
The rupee depreciated further by 7 paise to 65.12.
The S&P BSE Sensex plunged 128 points to end at 25,102.
The rupee gained for the second day, adding 32 paise to close at a fresh two-month high of 61.07 against the dollar amid a rise in local equities and sustained capital inflows.
There's sustained demand for the American currency from importers and banks
Markets ended in red, index heavyweights drag.
The battered rupee gained 225 paise to 66.55 against the dollar today, the most in at least 15 years, after the Reserve Bank of India eased pressure in the currency market by starting a facility for state-run oil refiners to buy foreign exchange.
Month end dollar demand from oil importers has forced rupee to trade weak.
The 30-share Sensex ended down 66 points at 28,438 and the Nifty ended down 15 points at 8,633.
Participants are keenly awaiting the rollovers to the next series ahead of the expiry of June F&O.
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